Bank of America Merrill Lynch is restructuring its commodities division following the departure of co-head David Goodman at the start of the year, while other investment banks are also reshaping commodities units to respond to the booming market for raw materials.

Bank of America has re-hired Rupen Tanna, a former Merrill banker who left to join Asian trading firm Noble Group in 2009, who will oversee a push into less risky "flow" products with US-based co-head Rob Jones.